BRIDGING THE GAP BETWEEN FAILURE AND SUCCESS
Unlocking the Entrepreneurial Journey
In the dynamic realm of entrepreneurship, statistics can be both daunting and inspiring. According to the Chamber of Commerce, a staggering 595,000 businesses in the United States face closure each year. Yet, on the flip side, 627,000 new ventures emerge annually, embodying the spirit of resilience and ambition.
Delving deeper into the narrative, Forbes reveals a harsh reality:
1 IN 5 BUSINESSES FAIL WITHIN THE FIRST YEAR
One in five businesses crumbles within their inaugural year, with 30% succumbing to the pressure in the second year, and a staggering 50% waving goodbye by the end of the fifth year. This illustrates how pivotal the first five years of business are for new ventures.
The journey of entrepreneurship is fraught with challenges, no one is disputing that. But let's talk about why entrepreneurship has always been a challenging endeavor.
TOPPING THE CHARTS OF REASON FOR FAILURE ARE:
LACK OF MARKET DEMAND
Of half of all businesses that fail within the first five years, 42% of them fail due to a lack of market demand. What this shows is just how important validating your business is before going headlong into a new venture. Additionally, it may also reveal a disconnect with marketing where there may be a demand, BUT it is a lack of awareness that contributes little to no demand. In other words, you need to know who your target market is and where to find them. Only then can you market to them, educate them, and create a demand.
RUNNING OUT OF CAPITAL
The next most common reason for small business failure is running out of capital, at a rate of 38%. Starting and running a small business can be financially draining when financial needs are not properly addressed. Too often, new entrepreneurs skim from personal living resources to start a business. Spreading your finances thin usually leads to disaster. The new business needs to have enough capital to cover startup and operating expenses until the business starts turning a profit. You can easily solve this problem by accurately assessing how much your business needs, then creating a Startup Budget and sticking to it!
Established entities like the SBA, SBDC, incubators, accelerators, and Chambers of Commerce have been pillars of support for decades. Yet, despite their resources, there has been a consistently alarming failure rate as well.
Q: Ever wondered why starting a business more often leads to failure?
A: It boils down to the antiquated approach: "Here's the information, go figure it out." This traditional approach to starting a business has rightfully earned its reputation as risky. However, in my opinion, it's downright reckless.
In all fairness, you could say the fault of failure lies squarely on the entrepreneurs’ shoulders. But it's essential to hold resources accountable for not providing comprehensive support. And, if the resources don't address the most common pitfalls like validating the business or having enough startup capital, then how can these traditional resources expect a new entrepreneur to know how to best prepare, navigate, and foresee potential problems?
When you understand that they aim to lend money, it alters how you see their intentions. The SBA emphasizes that “they offer lower interest rates and more flexible lending terms than traditional banking institutions.” At first glance this is great! But wait, isn’t their purpose to teach you how to start a successful business?
So let's look a little deeper, more specifically, into these low-rate business loans. According to the SBA: “These loans are administered by third-party lenders equipped with training and funding through the SBA.” You don't need to be a genius to wonder if these outside lenders really care about the training entrepreneurs need to succeed.
AN EMPOWERING SOLUTION
Recognizing this disparity years ago, it became the NOBOSS Mission to close the gap between failure and success. The NOBOSS Workshops is a dedicated effort to tackle the reasons for business failure and the unique pain points entrepreneurs face in today's digital landscape.
The statistical reasons for business failure are generalized. So to get down to the heart of entrepreneur struggles means understanding their pain points. This understanding breaks down a generalized statistic like “poor management” into specific pain points that can be directly addressed and overcome.
Once addressed, NOBOSS can then replace the mystery with knowledge, exchange the fear for confidence, and empower micro-businesses to compete, solopreneurs to thrive, and small businesses to impact their market.
NOBOSS is different because it focuses not only on solving business problems but also on the importance of planning, learning, using tools, getting support, and developing skills that are essential for success at every point in an entrepreneurs’ journey.
In a world where business success seems elusive, NOBOSS Workshops offers a revolutionary departure. Let's compare the traditional approach to the NOBOSS approach.
SUMMARY
Understand that individual components alone won't ensure success; true success emerges when all essential elements work in harmony. Enter NOBOSS with NOBOSS Workshops, a transformative solution that demystifies the journey to entrepreneurial success by tackling the pain points and common struggles head-on.
As a new entrepreneur, you face a pivotal decision: go solo, turn to traditional resources for assistance, or revolutionize the game and embark on a boss-free venture. The allure lies in reducing your risk of failure and maximizing your chances for success – a goal we know resonates with you. NOBOSS Workshops is four (4) digital workshops that guide the entrepreneur through the entire business planning process, business launch, and operations.
If you've already started your business and struggling in some way, identify your needs then download the appropriate Workshop-I, II, or III to focus on the specific area. You will notice that Workshop-IV is not available separately. It addresses tracking business activity and is most effective when all areas of business covered in the previous Workshops have been implemented.
Let's keep it real – success demands meticulous preparation and planning. But don’t confuse writing a business plan with planning your business. One is a “document” that you may or may not need, while the other is a “process” that everyone needs!
At its core, success starts with you, NOBOSS just helps you get there. To demonstrate that NOBOSS Workshops is your definitive solution, seize the opportunity now and download the Trial Version. Dive into the nitty-gritty of your business idea, witness its growth, stay motivated, and start generating income.
Build your bridge from failure to success with NOBOSS.
